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4 years ago

Why is a double entry accounting system so called?

1 answer:

7 0

<span> based on the fact that every financial transaction has equal and opposite effects in at least two different accounts. It is used to satisfy the equation Assets = Liabilities + Equity, in which each entry is recorded to maintain the relationship.</span>

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Tomorrow is my interview in Lucknow Public School for admission for 9th standard. Can anyone help me by giving some tips and tri

castortr0y [4]

Remain calm, keep eye contact, don’t seem nervous they’ll notice that, practice your interview by yourself don’t wait till your there in person to do it or you might slip up

5 0

3 years ago

The difference between a nominal variable and a real variable is that A. real variables are calculated in current-year prices a

Oksanka [162]

Answer:

Option (D) is correct.

Explanation:

Nominal variables are the variable which are calculated on the basis of current market prices such as nominal GDP. Nominal GDP incorporates all of the changes happened in a current year such as changes occured in the inflation or deflation in a current year.

On the other hand, real variables are those variables which are calculated on the basis of base year prices to take the effects of the inflation or deflation during the period of time. For example, Real GDP. real GDP is determined by the market prices of the base year, so that one can compare the actual effect effect of inflation or deflation during a period of time.

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4 years ago

Freshmart, Inc., began operations last year when it produced and sold the same number of units. This year, the company produced

kakasveta [241]

Answer:

Net Income under absorption costing is $11,250.

Explanation:

<u>Absorption Costing Income Statement.</u>

Sales Revenue (750 units × $100) $75,000

Less Cost of Sales

Opening Inventory $0

Add Cost of Goods Manufactured (1,000 units × $55.00) $55,000

Less Closing Inventory (250 units × $55.00) ($13,750)($41,250)

Gross Profit $33,750

Less Expenses :

Selling and administrative expenses :

Fixed ($15,000)

Variable (750 units×$10.00) ($7,500)

Net Income / (Loss) $11,250

Conclusion :

Manufacturing costs under absorption costing include both fixed and variable costs.

All Non-manufacturing costs are treated as period costs, expense during the period.

Net Income under absorption costing is $11,250.

3 0

3 years ago

As a marketing manager for kitch-it-tools, jim is frustrated with the way his organization markets their kitchen utensils. curre

Leokris [45]

The Kitch it tools is presently practicing mass marketing. Mass marketing is a way of having to produce products or serve their market or business in a wide variety or large scale in which the kitch it tools has the aim of targeting largest possible number of people.

6 0

3 years ago

When you receive a loan, the money the lender gives you is called the ____________. A. Interest B. Line of credit C. Principal D

saw5 [17]

Answer:

C.Principal

The amount of the loan is called the principal, and the extra amount they charge you to borrow the money is called interest.

hope this helps :)

3 0

3 years ago